The average first-time buyer(FTBs) in Scotland spent 11.1% of their income on mortgage interest payments in the last quarter of 2011, lower than anywhere else in the UK, according to new figures released today by the Council of Mortgage Lenders in Scotland. First-time buyers in Scotland typically borrowed 79% of their property's value in the final quarter of the year, compared to 80% for the UK as a whole.
First-time buyers number of loans and average LTV, Scotland
Over 2011 as a whole, Scotland accounted for 9% of the total UK house purchase market and 10% of all UK remortgaging.
The number of house purchase loans in Scotland declined 7% to 44,500 in 2011 but remortgaging increased by 18% to 36,900 loans.
"Scotland, as well as the rest of the UK, continues to see a constrained mortgage market. However, it is encouraging to see positive signs, such as better affordability for first-time buyers and a decrease in average deposits for home movers, emerging. Jim Dunn, chair of CML Scotland, commented.
"2012 will still be a challenging year but we hope to see the slight easing of constraints continuing throughout the year." He added.
